The United Nations estimates that up to $2 trillion of cross-border money laundering takes place each year, financing organized crime and undermining economic prosperity. Greater information sharing and collaborative analytics among financial organizations could transform the detection of this activity, but research by the Royal United Services Institute shows it is hindered by the legal, technical and ethical challenges involved in jointly analyzing sensitive information.
Privacy-enhancing technologies (PETs) could play a transformative role in addressing these financial crimes.
Today, the U.S. and U.K. governments are developing prize challenges focused on advancing the maturity of PETs.